I have a plan to end the world’s first Bitcoin hash “election”

We have not yet seen Nakamoto Consensus in true action as it was ruined by a market manipulation last week during the BCH hash vote. Bursts of transient hash (especially hash taken from customers of cloud mining on the rival BTC network) are not Proof of Work meant to decide Bitcoin rules as envisioned in the original Satoshi white paper and are a form of cheating. Under a true Nakamoto Consensus vote, this would have been decided easily in favour of Bitcoin SV to restore and lock the original Bitcoin protocol and enable massive scaling, since over 70 percent of sustained hash supported locking and scaling leading up to the November upgrade. Bitmain and Bitcoin.com should not be rewarded by the exchanges for cheating, and should not get the BCH infrastructure.

We always planned for this to be a long fight and still continue voting with our sustained hash power until the rented hash is gone, as I always said we would do. That said, here is my suggested way forward:

It is clear that ABC has forked away from the original Bitcoin design to the extent that there is no real technical way to combine the two technologies (ABC and original Bitcoin) anymore. Many are even suggesting that ABC has implemented so many changes (CTOR, OP_CheckDataSig, and especially their new checkpoints after November 15 hard fork) that they in fact created a new genesis block, and have forked off to something new which is neither Bitcoin nor even BCH anymore. I also saw some people are calling ABC’s new coin “BAB” because it’s no longer BCH, and even the Bitfinex exchange lists it now as BAB.

It is also clear that the 64 MB block mined yesterday with Bitcoin SV proves to the world that we are correct and that Bitcoin, as originally designed, can already scale quite massively. We think without the distraction of this hash election, we can already mine 128 MB blocks and we are predicting potentially 1GB blocks on SV in 12 months, once more technical work is done.

CoinGeek is the owner of the largest sustained hash on BCH for months leading up to the November upgrade and therefore the leader of efforts to make sure we give the original Bitcoin design (which Satoshi Nakamoto said should be set in stone) an opportunity to show its true genius and power. We will accept that all exchanges list ABC’s coin as BAB (Bitcoin ABC) and Bitcoin SV’s coin as BSV (Bitcoin SV); ABC adds replay protection while SV does not. Note, we are on record as saying the Wormhole token protocol used on ABC’s chain is technically no longer Bitcoin, so ABC’s coin would be Bitcoin in name only. We also want all wallets, payment processors and other service providers to do the same, and we want the ABC faction to work with us to push this through. For this, both sides agree not to attack each other’s chain, and let the chains compete as separate offerings in the marketplace. Basically, both sides give up the claim for BCH and start even.

Additionally, CoinGeek and friends will make sure that no one in our camp launches any legal proceedings related to the manipulation of customers’ BTC hash or last week’s DDoS attack on CoinGeek’s website.

I think this would be a counted as a win-win and should be accepted by all sides, as I for one want to get back to my true passion, focusing on massively scaling Bitcoin to enterprise levels.

Bitcoin is sound money that can grow for the world and we have already proven this with Bitcoin SV when we mined the 64 MB block yesterday.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

Dan Held may be a notable cryptocurrency veteran and a former executive with Blockchain.com, but several recent Twitter posts offering his take on digital currencies and, in particular, the interpretation of the original Satoshi’s Vision miss the mark.